DESCON OXYCHEM ANNOUNCES FINANCIAL RESULTS AND DIVIDEND FOR FISCAL YEAR 2024

Karachi: Descon Oxychem Limited has disclosed its financial results for the fiscal year ended June 30, 2024, along with the declaration of a cash dividend.

On September 6, 2024, the Board of Directors convened to approve the financial outcomes and recommended a final cash dividend of Rs. 2 per share, which translates to a 20% dividend. There were no distributions of bonus or right shares for the period. The results, both unconsolidated and consolidated, are detailed in Annexure “A” and Annexure “B” respectively.

According to information available from the Pakistan Stock Exchange (PSX), Descon Oxychem reported a decrease in net profit compared to the previous fiscal year. For the year ended June 30, 2024, the company recorded a net profit of Rs. 471.04 million, down from Rs. 1,400.63 million in 2023. This decline was mirrored in the consolidated financials with a net profit of Rs. 507.01 million, against Rs. 1,400.39 million the previous year.

Sales for the company decreased from Rs. 6.72 billion in 2023 to Rs. 5.69 billion in 2024, with the cost of sales also showing an increase from the prior year. The gross profit saw a significant reduction from Rs. 2.76 billion in 2023 to Rs. 1.11 billion in 2024. Administrative and distribution costs remained relatively stable year-over-year.

The Annual General Meeting is scheduled for October 16, 2024, at the Descon Headquarters in Lahore. The Share Transfer Books will remain closed from October 10, 2024, to October 16, 2024, for dividend entitlement.

The Annual Report will be transmitted through PUCARS at least 21 days before the meeting, ensuring compliance and information accessibility for all stakeholders.

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